Benchmark’s Matthew Harrigan lowered their price target on Warner Bros Discovery (NASDAQ: WBD) by 7.7% from $26 to $24 on November 7, 2023. The analyst maintained their Strong Buy rating on the stock.
This article was written by Don Francis and originally published by WallStreetZen.
According to a note previewing Warner Bros Discovery’s Q3 2023 report, which is expected to be released on November 8, Harrigan stated that even with the price target cut, it still represents “a double on the stock.” This indicates a positive outlook for the company’s future performance. Harrigan also highlighted that a labor settlement and the associated timing for a turnaround on TV series and film production would be a significant factor for FY 2024 estimates on Warner Bros Discovery.
Morgan Stanley’s Benjamin Swinburne also issued an update on Warner Bros Discovery on November 7. Swinburne lowered their price target by 6.7%, from $15 to $14, while maintaining their Hold rating on the stock.
Currently, 60% of top-rated analysts rate Warner Bros Discovery as a Strong Buy or Buy, while 40% consider it a Hold. No analysts recommend or strongly recommend selling the stock.
Warner Bros Discovery’s stock price has experienced a decline of 8.7% since its last quarterly report on June 30, 2023. However, when compared to the previous year, the stock has seen an increase of 11.5%. It is worth noting that during this period, Warner Bros Discovery has been trailing behind the S&P 500, which has shown a 15% increase.
Matthew Harrigan, the analyst who lowered the price target on Warner Bros Discovery, is ranked in the bottom 6% out of 4,388 Wall Street analysts by WallStreetZen. Harrigan specializes in the Consumer Cyclical, Technology, and Communication Services sectors. Their average return stands at -4.2%, and they have a win rate of 44.2%.
Warner Bros Discovery, Inc. is a global media company that provides content across various distribution platforms in approximately 50 languages worldwide. The company produces, develops, and distributes feature films, television shows, gaming, and other content in various formats. Warner Bros Discovery owns and operates numerous television networks, including Discovery Channel, HGTV, Food Network, TLC, Animal Planet, Investigation Discovery, Travel Channel, Science, MotorTrend, Discovery en Español, Discovery Familia, Eurosport, and more. The company’s content spans various genres and is distributed through pay-television, free-to-air and broadcast television, online streaming, mobile devices, video on demand, and other platforms.
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